Published on 2/26/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $10.2 million 11.5% callable contingent income securities on funds, index
New York, Feb. 26 – Morgan Stanley Finance LLC priced $10.2 million of callable contingent income securities due Feb. 25, 2027 linked to Energy Select Sector SPDR Fund, SPDR S&P Biotech ETF and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.5%, paid monthly, if each underlier closes at or above its 70% coupon barrier on the related monthly observation date.
The securities may be called starting Aug. 26, 2024 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing asset closes below its 60% downside threshold in which case investors will be fully exposed to the decline of the worst performing asset.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Callable contingent income securities
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| Underlying assets: | Energy Select Sector SPDR Fund, SPDR S&P Biotech ETF and Russell 2000 index
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| Amount: | $10,203,000
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| Maturity: | Feb. 25, 2027
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| Coupon: | 11.5%, paid monthly, if each underlier closes at or above its 70% coupon barrier on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing asset closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing underlying asset
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| Call: | Starting Aug. 26, 2024 at par on any quarterly call date
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| Initial levels: | 1,994.743 for Russell 2000, $92.47 for SPDR S&P Biotech ETF, $86.38 for Energy Select Sector SPDR Fund
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| Downside thresholds: | 1,196.846 for Russell 2000, $55.482 for SPDR S&P Biotech ETF, $51.828 for Energy Select Sector SPDR Fund, 60% of initial levels
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| Coupon barriers: | 1,396.320 for Russell 2000 index, $64.729 for SPDR S&P Biotech ETF, $60.466 for Energy Select Sector SPDR Fund, 70% of initial levels
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| Pricing date: | Feb. 21
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| Settlement date: | Feb. 26
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.5%
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| Cusip: | 61771WQ50
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